Alphabet Inc-CL CAlphabet, the parent company, reported third-quarter results after trading on Tuesday, with profits and revenue beating analysts' expectations.
According to the results, Alphabet earned $27.99 per share in the third quarter, with market expectations of $23.48; revenue of $65.12 billion, market expectations of $63.34 billion; net profit of $18.936 billion, up 68% from a year earlier, and market expectations of $16.208 billion.
According to Alphabet, the revenue of Google's cloud division was $4.99 billion, up 45% from a year earlier, and the market expected $5.07 billion. Alphabet Inc-CL C's operating loss narrowed to $644 million from $1.21 billion in the previous quarter.
In addition, Alphabet Inc-CL C's advertising revenue in the third quarter was 53.13 billion US dollars, up 43% from the same period last year, slightly higher than the previous quarter. YouTube has advertising revenue of $7.2 billion and the market expects $7.4 billion
Revenue in other divisions, including self-driving car company Waymo, rose slightly to $182 million, while losses widened to $1.29 billion from $1.1 billion in the same period last year.
After the release of the results, Alphabet shares barely changed in after-hours trading. The stock is up 58% so far this year.